Braskem Majority Stake Sale by Novonor Advances With Signed Deal
The entrance of the Braskem petrochemical plant in Duque de Caxias, Brazil.
Photographer: Maria Magdalena Arrellaga/BloombergThe sale of a controlling stake in Brazilian petrochemicals producer Braskem SA moved forward another step after troubled conglomerate Novonor signed an agreement to sell its shares to a fund backed by asset manager IG4 Capital.
Braskem has been notified of an agreement between NSP Investimentos SA, a Novonor subsidiary, and Shine I FIP, a fund advised by IG4, the company said in a filing on Monday. The deal involves the sale of 50.1% of voting shares and 34.3% of total capital, it said.